Altria Group Inc., current enterprise value calculation

Current share price (P)	$51.86
No. shares of common stock outstanding	1,694,812,982
US$ in millions
Common equity (market value)¹	87,893)
Add: Noncontrolling interests (per books)	50)
Total equity	87,943)
Add: Current portion of long-term debt (per books)	1,121)
Add: Long-term debt, excluding current portion (per books)	25,112)
Total equity and debt	114,176)
Less: Cash and cash equivalents	3,686)
Enterprise value (EV)	110,490)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 51.86 × 1,694,812,982

Altria Group Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$40.90	$46.54	$51.48	$43.60	$42.49
No. shares of common stock outstanding¹	1,763,461,775	1,785,563,827	1,817,257,322	1,858,689,654	1,858,366,804
US$ in millions
Common equity (market value)³	72,126)	83,100)	93,552)	81,039)	78,962)
Add: Noncontrolling interests (book value)	50)	50)	—)	86)	97)
Total equity	72,176)	83,150)	93,552)	81,125)	79,059)
Add: Current portion of long-term debt (book value)	1,121)	1,556)	1,105)	1,500)	1,000)
Add: Long-term debt, excluding current portion (book value)	25,112)	25,124)	26,939)	27,971)	27,042)
Total equity and debt	98,409)	109,830)	121,596)	110,596)	107,101)
Less: Cash and cash equivalents	3,686)	4,030)	4,544)	4,945)	2,117)
Enterprise value (EV)	94,723)	105,800)	117,052)	105,651)	104,984)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Altria Group Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 40.90 × 1,763,461,775

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Altria Group Inc. EV decreased from 2021 to 2022 and from 2022 to 2023.

Altria Group Inc. (NYSE:MO)

Enterprise Value (EV)